Saudi Arabia and India are strengthening their economic partnership, marked by a significant rise in Saudi non-oil exports to India. India is Saudi Arabia’s second-largest trading partner, while Saudi Arabia is the fourth-largest trading partner for India. This deepening economic cooperation highlights the robust and historic ties between the two nations.
Strengthening Strategic Partnership
The Saudi-Indian relationship entered a new phase following the official visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, to India in February 2019. During this visit, HRH the Crown Prince emphasized the longstanding ties between the two countries and announced the establishment of the Saudi-Indian Strategic Partnership Council. This council, co-chaired by HRH the Crown Prince and the Indian Prime Minister, aims to foster collaboration across various sectors, enhancing the bilateral relationship.
Expanding Saudi Presence in Indian Markets
To capitalize on this growing partnership, the Saudi Export Development Authority (Saudi Exports) has launched several initiatives to increase the presence of Saudi products and services in India. These efforts include participation in specialized international exhibitions, such as the Anuga India 2024 exhibition in Mumbai, where Saudi Exports is showcasing products under the “Made in Saudi” brand. The pavilion features 25 leading national companies in the food products sector, underscoring Saudi Arabia’s commitment to expanding its export footprint in global markets.
This initiative aligns with Saudi Vision 2030, which seeks to diversify the Kingdom’s income sources and bolster non-oil exports. The food products sector, a key area of focus, contributed over SAR 19 billion in exports in 2023. Saudi Arabia is also a major exporter of high-quality dates to more than 119 countries and has a significant production capacity for white Vannamei shrimp, positioning the Kingdom as a leading global exporter in this category.
Empowering Exporters and Overcoming Challenges
Saudi Exports is actively working to empower Saudi exporters by providing specialized information, market studies, and training to help them tap into new markets. Recently, a workshop titled “Empowering Exports to India and Bangladesh” was held to explore strategies for enhancing the penetration of Saudi products into these markets. The authority is also focused on addressing challenges faced by exporters, such as customs, financial, and logistical issues, by collaborating with relevant authorities to develop practical solutions.
A Growing Trade Relationship
The efforts of Saudi Exports are already yielding positive results. In 2023, the value of Saudi Arabia’s non-oil exports to India exceeded SAR 23 billion. In June 2024 alone, exports were valued at approximately SAR 1.7 billion, with chemical products leading at SAR 704.2 million, followed by plastics and rubber at SAR 382.9 million, and pearls and precious stones at SAR 313 million. Over the past five years, Saudi non-oil exports to India have totaled around SAR 100 billion, demonstrating the strength and competitiveness of Saudi products in Indian markets.
As Saudi Arabia and India continue to build on their strategic partnership, the expansion of non-oil exports represents a significant step towards diversifying the Kingdom’s economy and enhancing its presence in key global markets.
